Daniel Carroll 
Member since Nov 24, 2017


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Re: “Jerry Brown's Cap-and-Trade Program Isn't Working

From the Environmental Defense Fund Blog
By Erica Morehouse and Katelyn Roedner Sutter

California and Quebec released results today for the November 2017 auction which showed steady prices well above the floor for the second auction in a row. The November auction was also the second in a row to sell out of allowances. Both outcomes are a reflection of the secure market that is now set to run through 2030, and demonstrate that the design features of cap and trade are working as expected to maintain a strong and stable program.

November Auction At-a-Glance

Approximately $862,407,989 raised for the Greenhouse Gas Reduction Fund to invest in a number of programs including clean transportation, urban greening, and improving local air quality.

All current vintage allowances were sold of the 79,548,286 offered for sale, including 15,909,657 allowances that were previously unsold in 2016. This is the first auction including held allowances.

Current vintage allowances sold at $15.06, $1.49 above the $13.57 floor price. This is 31 cents higher than the August clearing price.

All future vintage allowances sold of the 9,723,500 offered for sale. These allowances will not be available for compliance use until 2020. For the second auction in a row, future vintage allowances sold out above the floor price, showing strong confidence in the cap-and-trade program after 2020.

Posted by Daniel Carroll on 11/24/2017 at 4:47 PM

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